In 2007, QNB not only increased net profits by 25.5% to $688.9m but boosted capital by 64.8% to $3.2bn and expanded assets by a significant 59.6% to $31.4bn, producing a very healthy 29.2% return on equity. More recently QNB announced record net profits, up 61.9%, for the first three quarters of 2008, clearly avoiding the global financial turmoil.
During the past 15 months, QNB’s international presence has exploded with new full-service branches in Kuwait, Oman and Yemen, and a new branch in Singapore and a representative office in Libya. QNB has also acquired a 32.5% stake in Jordan’s Housing Bank for Trade and Finance, a 50% stake in the Qatari-Tunisian Bank and a 24% stake in the UAE-based Commercial Bank International. By the end of 2008, QNB expects to open a branch in Khartoum in Sudan and establish a new private bank in Syria.
QNB group chief executive Ali Shareef Al Emadi says: “The QNB Group is pleased with this recognition from The Banker. We believe that it attests to our market leadership and the outstanding financial strength of the QNB franchise. Our commitment of providing superior value to our shareholders is unwavering and is demonstrated by our methodical regional expansion and strong financial results. QNB’s brand name is synonymous with strength, integrity, quality, safety and innovation.”
